1248 Limited– A project to encourage and improve cycle journeys in London and Cambridge, by discovering, processing and providing relevant sensor data

OpenTRV Limited – A venture to work out the optimum combination of sensors to use inside buildings and outdoors to detect environmental information, such as the presence of people and the weather

Superflux Limited – A compact air quality monitoring and GPS tracking sensor that can be easily fitted to child’s pushchair

In addition to the funding grant, the winners will benefit from access to expertise and business support from the programme’s private sector partners: EE, John Lewis, Unilever, Bosch, Seedcamp, Red Gate, Cisco, Hive by British Gas, RPD and Fab Lab London. These partners will offer the winning companies the opportunity to access a range of support, from investment, and access to markets and mentorship, to retail for showcasing products to consumers.

IoT describes automatic ‘smart’ communications between objects – rather than between computers and mobiles – through the internet without human intervention. Through embedded sensors and other devices, such objects allow a wide variety of industrial and domestic activities to become fully automated, while also maximising efficiency and sustainability.

Market projections suggest an IoT industry comprising of 26bn devices by 2020, rising to a trillion by 2025. It is predicted to become a $500bn global technology market by 2019, supporting an even more extensive market for products and services.

Winners will have up to six months to start their projects and up to 24 months to complete the work they’ve set out to do. Innovate UK’s Monitoring Officers will observe the process.